IJMB Economics 101 Past Questions 2008; This IJMB Economics 101 past question is suitable for students about to sit for the upcoming IJMB EXAMINATION. Students should be informed that IJMB is an advanced-level program that helps students secure admission into the university of their choice without JAMB.
Recommended; See Other IJMB Past Questions Here
INTERIM JOINT MATRICULATION BOARD EXAMINATION 2008
SUBJECT: ECONOMICS PAPER I
DATE SCHEDULED: TUESDAY, 3rd JUNE, 2008
TIME ALLOWED; THREE HOURS (3HRS)
INSTRUCTIONS: Answer FIVE (5) questions only. All questions carry equal marks. Credit will be given for good English and orderly presentation of materials. A calculator can be used if desired.
- Distinguish between the following concepts;
(a) A firm and an industry.
(b) Vertical and horizontal integration of firms.
- Examine the main features of monopolistic competition.
- Discuss the importance and limitations of the price system in a mixed economy.
- (a) What are the main determinants of elasticity of supply?
(b) If the price of bread increase from #80 to #100 and the quantity offered for sale increase from 400 to 500 units, calculate the coefficient of elasticity of supply.
- Outline the main features of the permanent income hypothesis. State its implication for fiscal policy.
- Define savings and explain its major determinants.
- Explain consumer equilibrium using the indifference curve technique. Show the effect of an increase in income on consumer equilibrium.
- The quantity of fertilizers (in bags) used by six farmers in one year is given as; 3,5,12,8,7 and 10. Calculate the following;
(a) The range (b) Mean Deviation (c) Variance (d) Standard deviation
- Examine the acceleration principle of investment. What are its limitations?
10. What is a public corporation? Discuss its merits and demerits.
